Legislative Updates

During the 2016 General Assembly, the Virginia Housing Trust Fund was funded at $5.5 million per year for the next two years. Which is an increase of $1.5 million per year.

2016: The General Assembly of Virginia Senate Bill No. 509 Session of 2016

Allows the general district court, in an interpleader case involving an earnest money deposit held in escrow by a real estate broker, to escheat the funds to the Commonwealth to be credited to the Virginia Housing Trust Fund upon default of one or more of the stakeholders. To view the bill click full text and for updates of the bill click bill history.

Update: This bill was vetoed by Governor McAuliffe over a constitutional issue.

2016: The General Assembly of Virginia Senate Bill No. 105 Session of 2016

Each year the total revenue generated by state taxes, with the exception of congregation relief fees and fees for open-space preservation. If those taxes exceed $325 million, then 20 percent of excess revenue would go to VHTF.

Update: This bill was continued to Senate Finance committee for the 2017 General Assembly and not taken back up in 2017. To view the bill click full text and for updates of the bill click bill history.

2015: The General Assembly of Virginia Senate Bill No. 235 Session of 2015

Directs the Virginia Housing Commission to study and evaluate dedicated funding sources for the VHTF. Click here to view Senate Joint Resolution No. 235, also here for full bill history. The recommendation that came from the Housing Commission out of this resolution constituted the basis of the 2016 VHTF bills.

2013: The General Assembly of Virginia House Bill No. 2005 Session of 2013

Renames the Virginia Housing Partnership Revolving Fund to the Virginia Housing Trust Fund and codifies language in the latest appropriation act in which $7 million was appropriated to the Fund. Click here to view Virginia Acts of Assembly, also here for bill history.